The advent of blockchain technology has opened a new world of possibilities for the financial sector. With other sectors that are already moving into the digital space, blockchain allows the financial sector to go entirely to digital.
One of the promising areas in blockchain is the digitization of assets. This means representing a physical asset on the blockchain. Ravencoin is a blockchain project focused on enabling the transfer of resources from one user to another.
Ravencoin It is designed to meet the digital age demand for goods and securities to be tradable across borders just like Bitcoin allows you to transfer money non-destructively around the world. Ravencoin is free and open source.
What does Ravencoin do?
Ravencoin is built on a fork of the Bitcoin code. There are several ways Ravencoin is different from Bitcoin. These include block time reward (1 minute), number of coins issued (RV 21 billion), asset creation and messaging capabilities.
Users of the Raven protocol can issue token on the Ravencoin blockchain based on any resource. These tokens do not need mining. Those who issue tokens determine all token properties.
Tokens are therefore transferable and move with the same ease of Bitcoin. Resources that can be tokenised on the Ravencoin platform include gold bars, land stocks, silver coins, gift cards, reward points and more.
To create an asset token on the platform, users must burn some RVN tokens and provide a unique token name. Thus, the properties of tokens are determined. These include the number of tokens, the number of decimals and whether the supply is fixed or can be increased in the future.
RVN can be used to reward holders of a token created on the Ravencoin blockchain. In addition, just like the Ethereum token ERC-721, Ravencoin offers the ability to create unique tokens. Unique tokens are tokens that demonstrate authenticity, as only one of these tokens will exist. This is useful for use cases such as art collection, software licenses, etc.
Ravencoin also provides a means of communication between the token issuer and the token holder. Token holders may waive this communication if they wish. For example, the token's message may inform the token holders of a vote. And a voting token can be issued to all token holders to facilitate the exercise of the vote.
The consensus mechanism of Ravencoin is the same as that of Bitcoin: Proof of work (PoW). However, it has a hashing algorithm other than Bitcoin. Bitcoin implements the SHA-256 hash algorithm, while Ravencoin uses the X16R algorithm. This algorithm does not allow ASIC mining.
Ravencoin was developed as an alternative to Bitcoin or ERC-20 transfer protocols. The PoW consensus mechanism is used to protect user data. The Ravencoin mining reward started at 5,000 RVN (compared to 50 BTC per Bitcoin).
Ravencoin History and team
Ravencoin was launched on January 3, 2018, on the 9th anniversary of the launch of Bitcoin. The Ravencoin extraction started on this day as shown in the tweet below.
The tracks are available at the address https://t.co/1DcyHmW521 you can start extracting Ravencoin
– Ravencoin (@Ravencoin) January 3, 2018
Ravencoin had no ICO or token sales. The core team is funded by Doctors Ventures, which is owned by overstock. It has no masternodes and it was not pre-mine. There is no percentage of the coin set aside for the founders or blocked.
It is an open source project focused on building useful technologies with a growing community.
The Ravencoin White paper it is written by Bruce Fenton, a member of the Bitcoin Foundation, e Tron Black.
Roadmap and Achievements
The Ravencoin roadmap it is in its second phase of development. Phase 1 already completed includes the basic setup of the Raven network.
Phase 2, currently under development, includes ASIC resistance, resource support, reward capability and metadata. Phase 3 includes the authorization of RVN payments to token holders. Phase 4 concerns the development of unique resources, phase 5 for the messaging function and phase 6 for voting.
The CEO of Overstock, Patrick Byrne, revealed in a interview in February 2018 they invested millions in teams working on Ravencoin. More recently, the addition of Ravencoin to Binance he gave a lot of boost to the project.
Challenges and competitors
There is no pressure on Ravencoin, unlike other blockchain projects, because there has not been a sale of tokens, so no expectation of return on investment.
However, the project is not without challenges. Being a decentralized network, the drafting of a legal memorandum (which the RVN is not a security) has proved difficult, as some exchanges require it for listing. A community volunteer who was helped by a lawyer an article this shows that RVN is not a security.
There are a number of competitors in the aspect of the tokenisation of blockchain industry activities. C & # 39; is waves, which allows users to create their own tokens. polymath focuses on titles.
A more direct competition would be Bytom. The difference between Bytom and Ravencoin is that Bytom allows the ASIC extraction and had a token sale.
The RVN token
The RVN token is the native currency of the Ravencoin blockchain. It is used to pay taxes on the network and used as a currency to reward developers and miners. The current offering of RVN is currently around 2.1 billion.
One of the ways to own RVN tokens is through mining. The platform has created a mining guide for those who would like my RVN.
RVN can be purchased on Binance, Bittrex, Cryptobridge, is Cryptopia. Only Bittrex supports the purchase with a fiat (USD) currency between the exchanges. RVN can be purchased on other platforms with Bitcoin and Ether.
Ravencoin has a desktop portfolio as well as a Android wallet is iOS portfolio where RVN can be stored. The team is collaborating with Coinomi, Jaxx and Ethos for RVN storage.
There is also a web portfolio recently developed to store RVN token. There are no compatible hardware wallets yet, but the team is in touch ledger is Keepkey.
The tokenization of assets and securities It is an important advantage that blockchain technology brings in the financial sector. While there are a number of players in that field, Ravencoin stands out for its POW model and ASIC resistance.
With the increase in demand in this sphere, Ravencoin is positioned to be the best consideration for the transfer of digital resources.
Ravencoin focuses only on the transfer of resources, unlike most blockchain projects that aim to solve two or more problems at the same time. This niche focus could prove to be a strong point for Ravencoin in the coming months.